We are acquiring a new build apartment in Balham and my solicitor is telling me that she has to the mortgage company to reveal incentives from the developer. The Estate Agents are hassling me to exchange and I don't want to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Are the Balham conveyancing solicitors identified as being on the Lloyds conveyancing panel, together with their details provided by Lloyds?
Balham conveyancing firms themselves provide us confirmation that they are on the Lloyds conveyancing panel as opposed to being supplied with a list from Lloyds directly.
The deeds to my property can not be found. The solicitors who handled the conveyancing in Balham 4 years ago no longer exist. Will I be able to sell the house?
Assuming the title is registered the details of your ownership will be evidenced by HMLR under a Title Number. It is possible to conduct a search at the Land Registry, find your house and order current copies of the property title for less than a fiver. If the property is Leasehold then the Land Registry will in most cases retain a file copy of the Registered Lease and again, a copy can be ordered for twenty pounds.
How does conveyancing in Balham differ for new build properties?
Most buyers of new build residence in Balham approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in Balham typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Balham or who has acted in the same development.
Am I best advised to choose a Balham conveyancing solicitor in close proximity to the house I am hoping to buy? An old friend can conduct the conveyancing however they are based 200kilometers away.
The primary upside of using a local Balham conveyancing firm is that you can pop in to execute documents, deliver your ID and pester them where appropriate. They will also have local insight which is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and the majority were happy that should surpass using an unknown Balham conveyancing lawyer solely due to them being based in the area.
My offer on house in Balham has been accepted, but there is a chain. The vendors have put an offer on a flat, but it’s not been accepted yet, and are looking at other properties booked. I have instructed a nearby conveyancing solicitor in Balham. What should be my next step? At what stage should I apply for the mortgage with Barclays?
It is normal to have concerns where there is a chain given your reluctance to incur costs too early (mortgage application is in the region of £1k, then survey, Balham conveyancing search charges, etc). The first thing to do is ensure that your conveyancing practitioner is on the Barclays conveyancing panel. Regarding the next phase this very much dictated by the specifics of your case, desire for this property and on the state of the market. During a hot market the majority of buyers would apply for a home loan with Barclays and arrange for the valuation and only if it comes back ok would they ask their lawyer to press on with searches.